Mortgage Blog

Rate spike....at least I hope it's just a spike.  Rates went up about 3/4 percent over the last 7-10 days and hopefully the rise is over. 

I found a new avenue today to take FHA loans that are under 580 credit scores, although the turnaround time on approvals of new applications is 11 business days, which seems like forever compared to the conventional loan turnaround time which is running about 24-48 hours.  I can't wait until Freddie and Fannie loosen their guidelines back up so there isn't such a bottleneck in trying to get FHA loans approved and closed.  It takes so long these days it almost feels like we back in 2001 before the internet was so prominent in the business.

Anyway, sorry for the frustration post......have a good week, and call me for some insurance quotes. 

Colby